The impressive growth in Cyprus property sales continued in March with the number of properties sold rising in all districts (with the exception of Famagusta) according to the Department of Lands and Surveys.

THE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during March 2018 rose 23 per cent compared to March 2017 according to official figures published by the Department of Lands and Surveys.

This follows increases of 46% in February, 64% in January and 36% in December.

During March a total of 768 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 626 deposited in March 2017.

The figures show a continuing improvement in the economic conditions, coupled with government measures (such as the citizenship by investment scheme) – and although banks remained burdened with very high levels of non-performing loans (NPLs) they are now in a better position to grant loans to those buying property.

Of the 768 contracts deposited, 431 (49%) were for properties purchased by Cypriots, while the remaining 337 (51%) were for properties purchased by non-Cypriots.

Although sales in Famagusta remained the same as last year, they increased in all the other districts.

In percentage terms Nicosia led the way with sales rising by 59% followed by Limassol, where sales rose by 35%. Meanwhile sales in Paphos and Larnaca rose by 6% and 3% respectively.

Total Property Sale Contracts – 2017/2018 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2017

72

73

79

80

118

162

124

76

87

117

170

306

2018

146

96

126

Famagusta

2017

21

19

40

29

38

46

59

47

57

51

52

169

2018

48

52

40

Larnaca

2017

102

100

113

69

119

96

103

88

107

111

151

181

2018

112

99

116

Limassol

2017

132

177

232

192

298

304

289

201

203

306

321

532

2018

225

256

314

Paphos

2017

96

87

162

136

183

235

184

160

148

183

212

349

2018

164

163

172

Totals

2017

423

456

626

506

756

843

739

572

602

768

906

1537

2018

695

666

768

During the first quarter of 2018 the number of contracts for the sale of property deposited at Land Registry offices has risen 41% to 2,129 compared to the 1,505 deposited during the first quarter of 2017.

The highest rise of 75%, was recorded in Famagusta, followed by Nicosia (the capital) with a 64% increase. Rises of 47%, 45% and 4% were recorded in Limassol, Paphos and Larnaca respectively.

Domestic property sales

Sales of property to the domestic market in March were disappointing, falling by 2% compared to March 2017. Although sales in Nicosia and Limassol rose by 46% and 13% respectively, they fell by 48% in Paphos, 25% in Famagusta and 21% in Larnaca.

Domestic Property Sale Contracts – 2017/2018 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2017

63

69

71

62

103

150

109

70

72

100

154

270

2018

126

84

104

Famagusta

2017

20

17

24

23

27

31

30

25

43

28

35

149

2018

-3

18

18

Larnaca

2017

77

80

85

49

76

70

62

63

73

72

115

134

2018

60

44

67

Limassol

2017

97

130

176

152

202

227

194

160

153

197

241

428

2018

107

152

199

Paphos

2017

73

47

82

93

88

157

93

81

100

105

142

209

2018

18

8

43

Totals

2017

330

343

438

379

496

636

488

399

441

502

687

1190

2018

308

306

431

During the first quarter of 2018, property sales to the domestic market have fallen 6% compared with the first quarter of 2017. Over the first quarter of the year Limassol is the most popular district achieving 458 sales followed by Nicosia with 314, Larnaca with 171, Paphos with 69 and Famagusta with just 33 sales.

Sales to the overseas market

For the first time that I can recall, the number property sales to the overseas market during March exceeded the number of domestic sales, accounting for 51% of total sales.

But it is still unclear how the Department of Lands & Surveys has improved the methodology it uses to calculate the figures; most annoying!

The Land Registry figures reveal that a total of 337 sale contracts were deposited by non-Cypriots during March 2018. Of those 113 were deposited by EU nationals and the remaining 224 by non-EU nationals, but we cannot quantify the number of non-EU citizens who bought property with a view to applying for citizenship.

Paphos recorded the largest number of overseas sales at 129. Limassol recorded 83, Larnaca 49, while Nicosia and Famagusta each recorded 22 sales.

Overseas Property Sale Contracts – 2018

District

Source

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

EU

10

8

9

Non-EU

10

4

13

Total

20

12

22

Famagusta

EU

15

24

8

Non-EU

36

10

14

Total

51

34

22

Larnaca

EU

9

9

9

Non-EU

43

46

40

Total

52

55

49

Limassol

EU

15

17

32

Non-EU

103

87

83

Total

118

104

115

Paphos

EU

41

58

55

Non-EU

105

97

74

Total

146

155

129

Totals

EU

90

116

113

Non-EU

297

244

224

TOTAL

387

360

337

During the first quarter of 2018, a total of 1,084 properties have been bought by overseas buyers.

Paphos remains the most popular spot for non-Cypriot buyers with sales reaching 430. Limassol is in second place with 337, followed by Larnaca with 156, Famagusta with 107 and Nicosia with 54.

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Readers' comments

I would be interested to know how many sales have been made on properties without Title Deeds at bargain basement prices.

Listening to what you have already said I expect that is not possible to find out or even if it is possible to find out if mainly new builds are being being sold.

Ed: Unfortunately the number of properties sold without Title Deeds isn’t reported. But the number of contracts deposited may give an indication as if a property has a Title Deed it’s not necessary to deposit a contract for specific performance as the purchase and transfer can take place at the same time.

Ed: One thing that concerns me greatly is the fact that the number of contracts deposited by non-Cypriots in January the Land Registry office in Famagusta exceed the total number of contracts deposited at that office. Hopefully itâ€™s simply be a clerical error.

A clerical error? In Cyprus? Surely not?! That’s the danger of only employing someone because they are someone else’s cousin.

Whilst we are as excited as anyone about possible useful upward trends – we remain cynically sceptical of all data on that island. Any ‘interesting developments” need triangulating from a variety of sources as relying on one source is dangerous (especially if it’s from a state department where they operate at three speeds – dead slow, stop and reverse).

Ed: There is only one source of the data – the Department of Lands & Surveys.

“Ed: In the first quarter of 2008 a total of 1,759 sales contracts were deposited by non-Cypriots â€“ and we still donâ€™t know how the 2018 figures are being calculated.”

That last point is critical to understand – and please keep pushing on the issue despite the commentary you’d had back (a lot of which draw somewhat irrelevant parallels with all manner of (in)/comparable data sources within the UK.)

When we see a proper hard-data supported trend emerging – some of the problems people face with the banks may perhaps get a little easier to resolve.

Ed: One thing that concerns me greatly is the fact that the number of contracts deposited by non-Cypriots in January the Land Registry office in Famagusta exceed the total number of contracts deposited at that office. Hopefully it’s simply be a clerical error.

The %age of Overseas sales in the 1st 1/4 of 2018 look encouraging, short-term only so far but nudging up towards 2006-8 zones. There’s certainly greater buoyancy in and around Limassol, very probably boosted by further â‚¬500k + sales……But we have also noticed considerably improved interest and sales in some of the near coastal ‘traditional villages’.

‘Very cautious Optimism’ seems to be re-emerging!

Ed: In the first quarter of 2008 a total of 1,759 sales contracts were deposited by non-Cypriots – and we still don’t know how the 2018 figures are being calculated.

The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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